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OPERATING LEASE RIGHT–OF-USE ASSETS | 12 Months Ended
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Dec. 31, 2022
Operating Lease Rightof-use Assets |
OPERATING LEASE RIGHT–OF-USE ASSETS | NOTE 7 – OPERATING LEASE RIGHT–OF-USE ASSETS As of December 31, 2022, the total operating lease ROU assets was $8,098,427. The total operating lease cost for the years ended December 31, 2022 and 2021 was $978,356 and $965,690. The Company has the rights to use certain parcels of land located in Shouguang, the PRC, through lease agreements signed with local townships or the government authority (See Note 3). For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land of which the Company cannot obtain land use rights certificates covers a total of approximately 38.6 square kilometers with an aggregate operating lease right-of-use assets amount of $9,140,777 as at December 31, 2022.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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